GBPUSD Daily Analysis – July 24, 2018

GBPUSD’s bounce from 1.2957 extended to as high as 1.3158. Further rise towards the falling trend line on the 4-hour chart is possible. As long as the trend line resistance holds, the bounce could be treated as consolidation for the downtrend from 1.3362 and one more fall towards 1.2900 could be expected after the consolidation. On the upside, a breakout of the trend line resistance would indicate that the downside movement had completed at 1.2957 already, then further rise towards 1.3550 area could be seen.

GBPUSD 4-hour chart